Common use of Resignation or Removal of Escrow Agent Clause in Contracts

Resignation or Removal of Escrow Agent. The Escrow Agent may resign at any time by furnishing written notice of its resignation to the Parties. The Parties may remove the Escrow Agent at any time by furnishing to the Escrow Agent a joint written notice of its removal. Such resignation or removal, as the case may be, shall be effective upon delivery of such notice. * * * * *

Resignation or Removal of Escrow Agent. The Escrow Agent may resign at any time by furnishing written notice of its his resignation to the PartiesTransaction Parties in which event the Transaction Parties shall forthwith designate a new escrow agent. The Transaction Parties may remove the Escrow Agent at any time by furnishing to the Escrow Agent a joint written notice of its removal. Such resignation his removal and designating a new escrow agent to which the Escrow Agent shall forward the Escrowed Items by the Escrow Agent then holds or removal, as over which the case may be, shall be effective upon delivery of such notice. * * * * *Escrow Agent then has direction.